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Dividend changes: Budget 2015
Together with the looming ban on claiming for travel and sustinence, is this the final nail to make PSC/ umbrella less attractive? http://www.contractoruk.com/news/0012118osborne_four_fold_attack_contractors.html If your a basic rate payer and own your company, your dividend tax liability has gone from 19% to 26.5%…
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Budget Questions
Im not sure if this is the correct area to ask but I am TOTALLY confused regarding todays budget. Me and my partner have 4 children ages 17 (doing A levels), 12, 6 and 3. My partner works full time on minimum wage and I am a stay at home mum where I home educate the children. We get his wage supplemented with working tax…
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Inheritance tax question
Hi I wonder if anyone can help me. My late mother left behind a trust fund for myself and my 2 brothers. They consist of three properties. We plan to sell these properties and split the money three ways. Would we have to pay inheritance tax on this? the properties have all dropped in value since when they where bought. Any…
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MSE News: Summer Budget 2015: Income taxes to be cut
The Chancellor is to bring forward planned increases to both the personal allowance and the higher rate tax thresholds... Read the full story: Summer Budget 2015: Income taxes to be cut Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum?…
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Paying too much council tax?
Is council tax paid per house, or per person? I checked my tax on Turn 2 Us and it says I should only be paying £15.50 per month, but I am currently paying £19 per month for Band A. Basically, I am not sure if it is only working the tax out for myself, and not working out for my partner too? We are both unemployed so we…
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inheritence tax and the budget
do not want replies from people who say I should just pay it and be happy!! not interested in that, alot/most other countries do not have it and it is double taxation.... my mum (no dad, at all so no double allowance ) has recently already downsized from high value london house and moved to her Spain flat, due to arthritis…
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Payment of corporation tax by an individual
Let's see if this makes sense. I was the sole director of my company until I closed it down recently. I was personally paying outstanding corporation tax owed by that company over a 6 month period, the transfer to HMRC was coming from my own bank account. I overpaid by one month during which time the company was closed…
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P60 and childcare vouchers
Does the gross salary on my p60 have childcare vouchers taken off it?? I need to complete my self assessment and I am confused. Not sure if I am double counting!!?!?! Been doing it a few years now as we rent a house out but this year I have various anomalies which are throwing me. I changed employer and my old one did…
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Professional subscription on P11D
Hi, I wonder if anyone can help. I am doing my self asessment for the first time and feeling a bit lost. I was ok until I noticed professiinal subscriptions on my P11D. My employer has obviously paid for this, but this is the first time It's been included on the P11D (i mived employers earlier on in the year). Will i be…
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Am I a high rate taxpayer?
Hello, I don't thing the question is as simple as it might first look. My gross salary is just above the 40% tax level, but I make additional voluntary pension contributions into my employer's pension scheme, direct from my salary, after which I'm below the 40% threshold. My employer has just started a childcare voucher…
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Marriage Allowance - my stupid error?
Just applied for this but put myself (the earner) down first and now realise I have done it the wrong way around. I can't find an email address to cancel my application. Does one exist?
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Capital Gains and BTL
Hi All, Currently we have a property in my wife's name (always has been), she will be a non tax payer from April so for the time being will leave it like this. However to limit CGT, in a thread in the savings forum someone suggested I add myself to the deeds to avoid some. Figures at present, Bought for 152k in 2006 Value…
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Returning to the uk
Hi currently working away(zero UK income tax) and I'm struggling to get my head into when i can return to the UK with minimal impact to my tax. This is my scenario: I left june 2014 and submitted a p85 for that year 14/15. Now I'm into 15/16 tax year. Can i return early in the 16/17(april/may/june) tax year or do i need to…
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Buy-to-let tax
I am going to purchase 2-3 BTL properties in London. They are purely for investment and I do not require the rental income to live off. I'm looking for a way to limit the tax I pay on rental income. Would any of the following be possible? -Personal BTL 75% LTV mortgage but then start a new company and make it the landlord…
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salary sacrifice on two incomes?
Hello, My situation is that I am an apprentice earning 13,750 before tax with a part time job earning 5,000 a year before tax. My main employer runs a good salary sacrifice scheme that would entitle me to a new car with insurance and road tax paid for etc. However you can't bring your salary below the minimum wage, so on…
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Capital Gains: Advice?
I receive shares from my employer who is US based, I am taxed by the US and by the UK. Also, as I receive my bonus at the same time as my tax I am taxed even more. I'm trying to understand if I need to complete a capital gains tax form and how I can apply to get my tax back from the UK or the US as I understand you are…
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Tax relief on carparking at work
I have just applied for the clothing allowance, and read somewhere that car parking is also allowed to be claimed on your tax allowance. I pay for my own parking each month, does anyone know if this is possible, as it would be a great help.
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Self assessment penalties stress
Hi i was wondering if anyone could help me . My wife has been sent not one but three self assessment penalties for 2011/20120,2012/2013,2013/2014 but has never been self employed in her life . My wife phoned them and after waiting for about an hour finally got through and was told to send her tax earnings for the years…
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Inheritance Tax changes
Surprised this has not been mentioned here yet, and not sure whether this is the right place to post it. Today's media is full of stories of the Inheritance Tax threshold to be increased in the budget to the headline figure of £1million - sounds great till you read the small print. For those of us who are single, already…
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Additional consulting income - what's the right approach?
Hi all. Mrs. L earns just under £50k at present in her full-time role, and has been offered an additional external consulting role that's likely to be worth around £5k - £15k per year over the next three years. Typically she'd consult for (and be paid by) three or four additional organizations per year, earning about £500…
